Coins

The first coinage consisted of copper denominations of 1 lepton, 2 lepta, 5 lepta and 10 lepta, silver denominations of 1⁄4 drachma (25 lepta), 1⁄2 drachma (50 lepta), 1 drachma and 5 drachmae and a gold coin of 20 drachmae. The drachma coin weighed 4.5 g and contained 90% silver, with the 20 drachmae coin containing 5.8 g of gold.

In 1868, Greece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. The new coinage issued consisted of copper coins of 1, 2, 5 and 10 lepta, with the 5- and 10-lepton coins bearing the names obolos (ὀβολός) and diobolon (διώβολον), respectively; silver coins of 20 lepta, 50 lepta, 1 drachma, 2 drachmae and 5 drachmae and gold coins of 5, 10 and 20 drachmae. (Very small numbers of 50- and 100-drachma coins in gold were also issued.)

In 1894, cupro-nickel 5-, 10- and 20-lepton coins were introduced. No 1- or 2-lepton coin had been issued since the late 1870s. Silver coins of 1 and 2 drachmae were last issued in 1911, and no coins were issued between 1912 and 1922, during which time the Latin Monetary Union collapsed due to World War I.

Between 1926 and 1930, a new coinage was introduced for the new Hellenic Republic, consisting of cupro-nickel coins in denominations of 20 lepta, 50 lepta, 1 drachma, and 2 drachmae; nickel coins of 5 drachmae; and silver coins of 10 and 20 drachmae. These were the last coins issued for the first modern drachma, none were issued for the second.

Notes

Notes were issued by the National Bank of Greece from 1841 until 1928. The Bank of Greece issued notes from 1928 until 2001, when Greece joined the Euro. Early denominations ranged from 10 to 500 drachmae. Smaller denominations (1, 2, 3 and 5 drachmae) were issued from 1885, with the first 5-drachma notes being made by cutting 10-drachma notes in half.

When Greece finally achieved its independence from the Ottoman Empire in 1828, the phoenix was introduced as the monetary unit; its use was short-lived, however, and in 1832 the phoenix was replaced by the drachma, adorned with the image of King Otto of Greece, who reigned as modern Greece's first king from 1832 to 1862. The drachma was divided into 100 lepta. In 2002 the drachma ceased to be legal tender after the euro, the monetary unit of the European Union, became Greece's sole currency.

From 1917 to 1920, the Greek government took control of issuing small change notes under Law 991/1917. During that time, the government issued denominations of 10 and 50 lepta, and 1, 2 and 5 drachmae. The National Bank of Greece introduced 1,000-drachma notes in 1901, and the Bank of Greece introduced 5,000-drachma notes in 1928.

The economic depression of the 1920s affected many nations around the globe, including Greece. In 1922, the Greek government issued a forced loan in order to finance their growing budget deficit. On 1 April 1922, the government decreed that half of all bank notes had to be surrendered and exchanged for 6.5% bonds. The notes were then cut in half, with the portion bearing the Greek crown standing in for the bonds while the other half was exchanged for a new issue of central bank notes at half the original value.^[2] The Greek government again issued notes between 1940 and 1944, in denominations ranging from 50 lepta to 20.

During the German–Italian occupation of Greece from 1941 to 1944, catastrophic hyperinflation caused much higher denominations to be issued, culminating in 100,000,000,000-drachma notes in 1944.^[3] The Italian occupation authorities in the Ionian Islands printed their own currency, the Ionian drachma.

Greek banknotes of the 1942–1944 inflation^[4]

Image	Pick No.[5]	Denomination	Date Issued
	118	1,000	1942
	119	5,000
	120	10,000
	121	50	1943
	122	5,000
	123	25,000
	124	50,000	1944
	125	100,000
	126	500,000
	127	1,000,000
	128	5,000,000
	129	10,000,000
	130	25,000,000
	131	200,000,000
	132	500,000,000
	133	2,000,000,000
	134	10,000,000,000
	135	100,000,000,000

Third modern drachma coins

The first issue of coins minted in 1954 consisted of holed aluminium 5-, 10- and 20-lepton pieces, with 50-lepton, 1-drachma, 2-drachma and 5-drachma pieces in cupro-nickel. 10-drachma coins of a brighter alloy were issued in 1959 and a silver 20-drachma piece was issued in 1960, replacing the corresponding banknotes. Coins in denominations from 50 lepta to 20 drachmae carried a portrait of King Paul (1947–1964). New coins were introduced in 1966, ranging from 50 lepta to 10 drachmae, depicting King Constantine II (1964–1974). A silver 30-drachma coin for the centennial of Greece's royal dynasty was minted in 1963. The following year a non-circulating coin of this value was produced to commemorate the royal wedding. The reverse of all coins was altered in 1971 to reflect the military junta which was in power from 1967 to 1974. This design included a soldier standing in front of the flames of the rising phoenix replacing the (royal) coat of arms and the date of the coup d'état, April 21, 1967.

A 20-drachma coin in cupro-nickel with an image of Europa on the obverse was issued in the first series of 1973, alongside unholed aluminium lepta coins (10 and 20 lepta). Following the abolition of the monarchy by the junta in June 1973, several new coin types were introduced: nickel-brass (50 lepta, 1 and 2 drachmae) and cupro-nickel (5, 10 and 20 drachmae). These coins carried the design of the phoenix rising from the flame on the obverse-but now without the soldier, a nod to the "liberalization plan" pursued by Papadopoulos, and used the country's new designation as the "Hellenic Republic", replacing the coins also issued in 1973 as the Kingdom of Greece with King Constantine II's portrait.

Following the downfall of the dictatorship, a new series of all 8 denominations was introduced in 1976 carrying images of Pericles, Democritus and Aristotle on the 20-, 10- and 5-drachma coins respectively and Georgios Karaiskakis, Konstantinos Kanaris and Markos Botsaris on the 1-drachma, 2-drachma and 50-lepton coins respectively. The 20- and 10-lepton coins would be the only circulating, non-commemorative coins to bear the post-1975 Coat of arms of Greece on the obverse.

Cupro-nickel 50-drachma coins were introduced in 1980, featuring Solon. Starting in 1982, all coins now bore the inscription drachmes rather than the katharevousa drachmai type, reflecting the resolution of the Greek language question. In 1986, aluminium-bronze 50-drachma coins were introduced, followed by new, smaller copper 1-drachma (Laskarina Bouboulina) and 2-drachma (Manto Mavrogenous) pieces in 1988 and aluminium-bronze coins of 20 drachmes (Dionysios Solomos) and 100 drachmes (Alexander the Great) in 1990. In 2000, a set of 6 themed 500-drachma coins were issued to commemorate the 2004 Athens Olympic Games.^[7]

Gallery

• 
  Gold 20-drachma coin depicting king Othon I, 1833
• 
  Gold 20-drachma coin depicting king Georgios I, 1876
• 
  Gold 50-drachma coin depicting king Georgios I, 1876
• 
  5-drachma coin, 1876
• 
  1-drachma coin during the 1973–1974 military controlled Republic, 1973
• 
  1-drachma coin depicting the Owl of Athena
• 
  2-drachma coin with a soldier standing in front of a Phoenix

Banknotes

The first issues of banknotes were in denominations of 10, 20 and 50 drachmes, soon followed by 100, 500 and 1,000 drachmes by 1956. 5,000-drachma notes were introduced in 1984, followed by 10,000-drachma notes in 1995 and 200-drachma notes in 1997.

Banknotes in circulation at the time of the adoption of the euro^[12] were

• 100 drachmes (€0.2935), depicting Athena and Adamantios Korais
• 200 drachmes (€0.5869), depicting Rigas Feraios
• 500 drachmes (€1.47), depicting Ioannis Capodistrias
• 1,000 drachmes (€2.93), depicting Apollo
• 5,000 drachmes (€14.67), depicting Theodoros Kolokotronis
• 10,000 drachmes (€29.35), depicting George Papanicolaou and Asclepius

Gallery (banknotes)

• 
  5-drachma banknote, 1912
• 
  5,000,000-drachma banknote during the Axis Occupation hyperinflation period, 1944
• 
  20-drachma banknote, 1955